Illinois Auto Insurance - What is Non-Owned Vehicle Liability Insurance or Hired Auto Insurance and why do you need it?
Non-Owned Vehicle Liability Insurance or Hired Auto Insurance
There are multiple ways to provide Liability coverage for non-owned vehicles based upon the needs of your business. These coverages are often times referred to as Hired Auto insurance and Non-Owned Auto insurance or as ISO Symbol 8 and Symbol 9. Our agency offers both Hired Auto insurance and Non-Owned Auto insurance.
What Insurance is available for Non-Owned Autos?
Certain non-owned vehicles are covered by the commercial auto policy. As an example, if your vehicle is out of service due to a breakdown, then a temporary substitute vehicle is automatically covered in under circumstances. You could also purchase a collection of separate insurance coverages, including Employers' Non-Ownership insurance and Hired Auto insurance.
Employers' Non-Ownership Insurance
Employers Non-Ownership insurance provides liability protection when an employee has to drive their personally owned vehicle for business purposes. This assumes that the vehicle is not owned, registered or contracted in your name or on your behalf.
Hired Auto insurance
Hired Auto Insurance provides liability insurance when you are driving a vehicle that you, or your business, do not own or that is not registered to you. If you rent a vehicle for a less than 30 days, Hired Auto insurance will protect the rented vehicle.
Who Needs Coverage for Non-Owned Autos?
If you ever drive vehicles that you do not own for your business, then you need to consider one of the Non-Owned Auto insurance coverages.
* Employers Non-Ownership insurance protects your business when employees drive their own vehicles for a business purpose.
* Hired Auto insurance protects you in other situations when you drive a vehicle you don't own.
Non-Owned Auto Coverage Limits and Other Details
Both Hired and Non-Owned Auto coverages use limits to describe the maximum amount your insurance company will pay. These limits are typically the same limits as those you selected for your liability insurance.
Illinois Auto Insurance - What is Non-Owned Vehicle Liability Insurance or Hired Auto Insurance and why do you need it?
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